New Rules For First Time Homebuyers


The rules are changing for many new buyers who are now in the market for a home. The cost of borrowing continues to become more expensive, with insurance fees on government mortgages doubling in the past seven months. As this Smartmoney article explains, the reason for the spike in costs is the lenders’ way of recouping the huge losses they have suffered over the past few years. Due to the changes, buyers should consider putting more money down to avoid paying the higher insurance fees on loans. They should also be prepared to stay put for at least 10 years to assure that they recoup the costs involved with the purchase. Read more


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s